ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -Keeping all other factors the same, when there is a change in demand of a commodity due to change in price, it is referred to as the change in quantity demanded. It is shown as a movement along the demand curve when expressed graphically.

Detailed explanation-2: -A change in quantity demanded is represented as a movement along a demand curve. The proportion that quantity demanded changes relative to a change in price is known as the elasticity of demand and is related to the slope of the demand curve.

Detailed explanation-3: -In economics, “demand” refers to the entire curve that illustrates the relationship between price and quantity. “Quantity demanded” refers to a specific point on that curve, where a certain price is associated with a certain quantity.

Detailed explanation-4: -Factors that can shift the demand curve for goods and services, causing a different quantity to be demanded at any given price, include changes in tastes, population, income, prices of substitute or complement goods, and expectations about future conditions and prices.